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PAYG pension systems with capital mobility

  • MARCHAND, Maurice
  • PESTIEAU, Pierre
  • PIASER, Gwenaël

Consider an overlapping generation growth model involving identical countries whose fiscal policy reduces to a pay-as-you-go system with flat rate benefits and uniform payroll tax rate. In autarky, the tax rate is chosen so as to achieve a compromise between intragenerational and intergenerational redistribution. Assume now that there is capital mobility in a setting where national government act more cooperatively. This paper studies how the tax is affected by this combination of capital mobility and non cooperation. It shows that the tax rate increases and henceforth capital accumulation decreases as the number of countries involved increases.

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2004031.

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Date of creation: 00 May 2004
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Handle: RePEc:cor:louvco:2004031
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  1. Jousten, Alain & Pestieau, Pierre, 2001. "Labour Mobility, Redistribution And Pensions Reform In Europe," CEPR Discussion Papers 2792, C.E.P.R. Discussion Papers.
  2. Adema, Y. & Meijdam, A.C. & Verbon, H.A.A., 2009. "The international spillover effects of pension reform," Other publications TiSEM 34013c75-ba05-46ad-8656-0, Tilburg University, School of Economics and Management.
  3. Stefan Homburg & Wolfram Richter, 1993. "Harmonizing public debt and public pension schemes in the European community," Journal of Economics, Springer, vol. 7(1), pages 51-63, December.
  4. Beltrametti, Luca & Bonatti, Luigi, 2004. "Does international coordination of pension policies boost capital accumulation?," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 113-129, January.
  5. Casarico Alessandra, 2001. "Pension systems in integrated capital markets," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 1(1), pages 1-19, November.
  6. Torsten Persson, 1983. "Deficits and Intergenerational Welfare in Open Economies," NBER Working Papers 1083, National Bureau of Economic Research, Inc.
  7. Pemberton, James, 2000. "National and international privatisation of pensions," European Economic Review, Elsevier, vol. 44(10), pages 1873-1896, December.
  8. Hoyt, William H., 1991. "Property taxation, Nash equilibrium, and market power," Journal of Urban Economics, Elsevier, vol. 30(1), pages 123-131, July.
  9. Pemberton, James, 1999. "Social Security: National Policies with International Implications," Economic Journal, Royal Economic Society, vol. 109(457), pages 492-508, July.
  10. Breyer, Friedrich & Kolmar, Martin, 2002. "Are national pension systems efficient if labor is (im)perfectly mobile?," Journal of Public Economics, Elsevier, vol. 83(3), pages 347-374, March.
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